Securing a Let to Buy mortgage for clients so they could move whilst retaining their existing property

What was the situation?

My clients, a couple, were looking to refinance their current property onto a Buy to Let mortgage, enabling them to purchase a new residential home.

Their proposed BTL property currently owned was a lovely semi-detached house, based in the outskirts of London. Their new residential property was located near Berkshire. The clients were looking borrow £460,000 for their BTL mortgage, and £425,000 for their new residential.

What was the issue?

One of the applicants was a contractor with a significant break in work due to illness, and was also studying at university, in addition to their day job. This issue may cause lenders to question the clients affordability. Also, the number of lenders that will lend on a let to buy scenario such as this is limited.

What was the process?

It was important for me to approach a lender I knew had good contractor policy. I spoke to our Business Development Manager (BDM) who helped to push through the Decision in Principle on the proposed application to allow the clients to proceed.

By speaking with the BDM in depth about the client’s situation and how the income is secure and can be relied upon, the lender was willing to consider the application. Additionally, the clients had previously spoken with three other mortgage brokers who all told them no lender could assist for their scenario, therefore I felt more determined to find a viable solution that would tick all the boxes for the clients as they were desperate to make the move.

What was the solution?

Working with the lender, I managed to secure the BTL remortgage, and a good loan to value for the onward purchase at competitive rates.

The end result was that the clients could retain their current property – switching to a BTL mortgage – which was the aim, and move to their desired location.  The clients were delighted and have already contacted me to ask about further property investments.

At LDN Finance we’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience in providing creative solutions to secure large loans for our clients.

We work closely with our trusted network of private banks and both high street and specialist lenders to arrange bespoke mortgage arrangements to suit your circumstances at competitive, market-leading rates.

Get in touch with us to organise an initial consultation.